ERGORESEARCH LTD ANNOUNCES CLOSING OF A $6.36 MILLION PRIVATE PLACEMENT EQUITY OFFERING

Posted on: 25 April 2013 in What's New

LAVAL, QC, April 25, 2013 /CNW Telbec/ - Ergoresearch Ltd. (TSXV: ERG) (“Ergoresearch“) announce today that it has closed a private placement (the “Private Placement“) of 10,258,065 common shares at a price of $0.62 per common share for gross proceeds of $6.36 million. Following closing of the Private Placement, 69,889,340 common shares are issued and outstanding. The securities issued under the Private Placement are subject to a four-month hold period ending on August 25^th, 2013.

The proceeds of the Private Placement will be used for working capital purposes or if management think it is appropriate, to finance the transaction with Victhom Human Bionics Inc. announced yesterday.

Fasken Martineau DuMoulin LLP is acting as legal counsel to the Corporation.

Forward-Looking Statements

This press release contains forward-looking statements relating to the use of proceeds of the Private Placement. Statements based on Ergoresearch’s management’s current expectations contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. The reader should not place undue faith in forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.

About Ergoresearch

Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world -patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ergoresearch Ltd

For further information:

Sources: Sylvain Boucher President and CEO Ergoresearch Ltd. 450-973-6700, ext. 213 sboucher@ergoresearch.com
Information: Émilie Vion Coordinator communications Ergoresearch Ltd. 450-973-6700, ext. 242 evion@ergoresearch.com

THE SUPERIOR COURT OF QUÉBEC APPROVES THE PLAN OF ARRANGEMENT RELATING TO THE ACQUISITION OF VICTHOM HUMAN BIONICS INC. BY ERGORESEARCH LTD.

Posted on: 24 April 2013 in What's New

Ergoresearch to acquire Victhom

LAVAL, QC, April 24, 2013 /CNW Telbec/ - Ergoresearch Ltd. (TSXV: ERG) (“Ergoresearch“) and Victhom Human Bionics Inc. (TSXV: VHB) (“Victhom“) announced today that the Superior Court of Québec has issued a final order approving the previously-announced plan of arrangement relating to the acquisition by Ergoresearch Inc. (the “Purchaser“), a direct wholly-owned subsidiary of Ergoresearch, of Victhom. The arrangement was approved by 94.9% of the votes cast by the common shareholders of Victhom, 100% of the votes cast by the Series A preferred shareholders and 97.5% of the votes cast, excluding interested parties, by all shareholders; either present in person or represented by proxy at the special meeting held on April 23, 2013.

Closing of the transactions contemplated by the plan of arrangement is expected to occur on April 26, 2013. Victhom will amalgamate with the Purchaser and the amalgamated entity will be a wholly-owned subsidiary of Ergoresearch, operating under the name “Victhom Laboratory Inc.”. Current holders of common shares of Victhom will receive $0.08in cash per share and current holders of the class A preferred shares of Victhom will receive a cash amount equal to$2,556,188 divided by the number of issued and outstanding series A preferred shares on closing of the arrangement.

Ergoresearch is acquiring a company with no long-term debt on its balance sheet, cash on hand of approximately $1.3 million and a portfolio patents in the field of orthotics and prosthetics via worldwide license with Ossur and Otto Bock. This transaction will positively impact Ergoresearch’s cash flow immediately, given that administrative synergies are already in place. Ergoresearch also announced that the Purchaser has entered into a consulting agreement and a services and royalty agreement with Normand Rivard to ensure a proper transition of the transfer of the technologies and know-how to Ergoresearch.

The common shares of Victhom will be delisted from the TSX-V and the resulting amalgamated entity will obtain private corporation status.

Sylvain Boucher, President and Chief Executive Officer of Ergoresearch and the Purchaser, said: “This acquisition enriches Ergoresearch’s offering by reinforcing our position as a leader in the field of manufacture of “intelligent” foot orthotics and specialty orthotics. The complementary nature of our technology and our expertise will allow us to offer an even wider range of solutions to our customers and to better position Ergoresearch in terms of future national and international development,” he said, noting that an integration plan deriving maximum combined capacity of both companies is already in progress.

“We are delighted to integrate Victhom’s expertise into our research and development unit. Its innovative bionic devices are among the most advanced in the world, including the Power Knee, the only motorized prosthetic artificial intelligence for amputees above the knee.”

The marketing of this product is expected to accelerate in the coming months now that Ossur, partner and global licensee of the Power Knee, has received the reimbursement code by the Centers for Medicare & Medicaid Services (CMS). “Obtaining this code was a crucial milestone for the more mainstream adoption of this innovative product. It confirms that the benefits offered by bionic products represent the future of prosthetics and it reinforces our confidence in the royalty potential that can be generated by sales of the Power Knee,” concluded Mr. Boucher.

McCarthy Tétrault LLP is acting as legal counsel to Victhom and Fasken Martineau DuMoulin LLP is acting as legal counsel to the Purchaser and Ergoresearch.

This is not an invitation to purchase securities listed on TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend the referenced securities. Please seek professional advice to evaluate specific securities.

Forward-Looking Statements

This press release contains forward-looking statements relating to the proposed closing of the transaction. Statements based on Ergoresearch’s, the Purchaser’s and Victhom’s management’s current expectations contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. The reader should not place undue faith in forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.

About Ergoresearch

Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSXV) under the symbol ERG.

About Victhom

Victhom is a company which owns patents in the field of orthotics and prosthetics (“O&P”), including intellectual property used in the POWER KNEE, the world’s first and only motor-powered prosthesis for above-knee amputees, a product distributed under license agreement by Ossur, a global leader in the O&P market. The Company also has a royalty agreement related to the Neurostep® System and neuromodulation products in other indications (sleep apnea and epilepsy) using the Neurobionix technology platform under development by Neurostream Technologies, a General Partnership now owned by Otto Bock, a global leader in the O&P market.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ergoresearch Ltd

For further information:

Sources: Sylvain Boucher President and CEO Ergoresearch Ltd. 450-973-6700, ext. 213 sboucher@ergoresearch.com
Normand Rivard President and CEO Victhom Human Bionics Inc. 438-380-5244 normand.rivard@victhom.com
Information: Émilie Vion Coordinator – Communications Ergoresearch Ltd. 450-973-6700, ext. 242 evion@ergoresearch.com

ERGORESEARCH RECORDS EXCELLENT FINANCIAL RESULTS AND 24th CONSECUTIVE PROFITABLE QUARTER

Posted on: 28 February 2013 in What's New

Second quarter results ‒ Fiscal 2013

Fiscal 2013 second quarter highlights compared to Fiscal 2012:

Product sales show a 26.1% increase, to $2,567M;
EBITDA show a 58.5% increase to $0.431M, or 16.8% of second quarter results;
Acquisition of Laboratoire Podotech Inc. during current quarter;
Acquisition of Laboratoire Langelier this past January 22.

Laval, February 28 2013 – At closing of the second quarter of fiscal year ended 2013, Ergoresearch Ltd (TSXV: ERG), based in Laval and known for its Clinique du pied Équilibre, Orthoconcept and now Laboratoire Langelier banners, is announcing a 26.1% increase in sales for this quarter in comparison with the same period ended in 2012, and amounting to $2,566,840. Net profit before taxes is $302,318 compared to $156,659 for the same quarter last year.

Sales of foot orthotics, derivative products from the Company’s proprietary technologies, are on the rise at 24.6%, while those generated by its new OdrA orthotic device, dedicated to relieving pain associated with knee osteoarthritis, amount to $254,008. Sales generated by Laboratoire Podotech, newly acquired October 1 2012, have increased to $99,267 and represent 3.8% of the Company’s product sales.

On January 22 2013, Ergoresearch proceeded with the acquisition of Laboratoire Langelierfor $4.6M, conditional to certain adjustments regarding working capital, to be paid out as follows:

$3,188,762 in cash;
$811,238 by the assumption of some existing long-term debt;
$600,000 in the form of a promissory note to the sellers.

As Laboratoire Langelier is ranked second in the Québec foot orthotic industry, this acquisition enables Ergoresearch to broaden its distribution network and further reinforce its position as Québec leader. It also acts a showcase for its proprietary technologies and products, including the OdrA orthotic device.

Ergoresearch and its subsidiaries are hereby pursuing their objective for sustained growth, the result of a precisely executed business strategy. “The launch of the OdrA orthotic device proved to be positive and this new patented product under an exclusive Canadian distribution licensing agreement has been well received among both the patients, and the medical community,” states Sylvain Boucher, President and CEO of Ergoresearch. “Given the Company’s excellent performance since the beginning of the year, and with the recent acquisitions of Laboratoire Podotech and Laboratoire Langelier which, for its part, generated $6.5M in revenues for the 12-month period ending this past December 31, the outlook for the remainder of the 2012 fiscal year is positive. We estimate being able to double our consolidated revenues over the upcoming 12-month period.”

In addition to appearing on Deloitte’s Technology Fast 500^TM that showcases the 500 fastest-growing businesses in Canada and the United-States, Québec’s leading manufacturer of “intelligent” foot orthotics and specialty orthotics also joins the ranks of select Québec finalists nominated for the 2012Ernst & Young Entrepreneur Of The Year® Award and appears, post-closing, on the 2013 TSX Venture 50® Companies that features Canada’s top 50 strongest performing businesses on the TSX Venture Exchange.

About Ergoresearch
Ergoresearchhas developed the most important network of orthotics clinics in Québec, with over one hundred clinics and satellite centres flying under the banners of Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier. Québec’s leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.

Forward looking statements
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management’s expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Corporation’s ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the said product, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, the success of research and development programs, fluctuations in cash flow, expectations regarding market demand for particular products, the strength of intellectual property, market dependence on new product development, the trust invested in sub-contractors or their core personnel, as well as other documents containing risks and uncertainties which are put forth every now and then by the firm to various Canadian securities and exchange commissions and made available at www.sedar.com.

The reader should not give great importance to forward-looking statements as the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances. All figures are in Canadian dollars, unless otherwise specified.

– 30 –

Source:
Sylvain Boucher, President and CEO – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Information:
Isabelle Vallée, Director ‒ Communications and Public Relations, Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / Cell: 514-377-0485 / ivallee@ergoresearch.com

ERGORESEARCH AMONG CANADA’S TOP 50 STRONG PERFORMING BUSINESSES

Posted on: 18 February 2013 in What's New

Laval, February 18 2013 – Ergoresearch Ltd (TSXV: ERG), based in Laval and known for its Clinique du pied Équilibre, Orthoconcept and Laboratoire Langelier banners, today proudly announced it has been recognized by the TSX Venture Exchange as one of the 2013 TSX Venture 50^® companies. Quebec’s leading manufacturer of “intelligent” foot and specialty orthotics ranks 8th in the Technology and Life Science sector in Canada.

This ranking is set among the 2,258 companies listed on TSX Venture Exchange as of December 31. It gathers a group of strong performing companies in five major industry sectors – including Technology and Life Science – and was determined based on equal weighting of the following measures: market capitalization growth, share price appreciation, trading volume and analyst coverage. 2013 TSX Venture 50 companies have an impressive track record. On average, these companies have delivered a return of 129% in 2012. The shares of these companies also enjoy a highly liquid market with a total of 2.9 billion shares trading over the course of 2012.

“We are proud to be part of this select group of Canadian businesses. This recognition clearly reflects the efforts deployed by our entire team in 2012, as well as the company’s performance during this period of accelerated growth,” stated Ergoresearch president and CEO, Sylvain Boucher. “With the acquisition of Laboratoire Langelier in January 2013 and the OdrA launch, a revolutionary treatment that provides relief from the pain and suffering associated with knee osteoarthritis, we are maintaining our stride and are confident we will double our revenues over the course of the next 12 months.”

“TSX Venture Exchange operates a platform that provides emerging companies with the opportunity to access the capital they need to meet their growth objectives,” said John McCoach, President, TSX Venture Exchange. “We are pleased to present the latest group of companies that have excelled in their sectors.”

About Ergoresearch
Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSXV) under the symbol ERG.

Forward-looking statements
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management’s expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Corporation’s ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the said product, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, the success of research and development programs, fluctuations in cash flow, expectations regarding market demand for particular products, the strength of intellectual property, market dependence on new product development, the trust invested in sub-contractors or their core personnel, as well as other documents containing risks and uncertainties which are put forth every now and then by the firm to various Canadian securities and exchange commissions and made available at www.sedar.com.

The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.

– 30 –

Source:
Sylvain Boucher, President and CEO − Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.

Information:
Isabelle Vallée, Director − Communications and Public Relations, Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / Cell: 514-377-0485 / ivallee@ergoresearch.com

ERGORESEARCH LTD ACQUIRES LANGELIER ORTHÈSES CHAUSSURES

Posted on: 22 January 2013 in What's New

Today, Ergoresearch Ltd (TSXV: ERG), Quebec’s leading manufacturer of “intelligent” foot and specialty orthotics known primarily for its Clinique du pied Équilibre and Orthoconcept banners, is announcing the acquisition of all issued and outstanding shares of Laboratoire M.P. Langelier, LL Customs Inc., 2947-9052 Québec Inc., and Laboratoire M.P. Langelier/Lanoue Inc., hereafter reffered to as “Langelier Orthèses Chaussures“, a firm with headquarters in Beloeil (Québec).

Founded in 1967 by Mrs Marie-Paule Langelier and run by her son Michel since 2008, Langelier Orthèses Chaussures ranks among the leaders in its field in Quebec. The firm offers specialized services for custom foot orthotics, as well as custom and “comfort” shoes through its network comprised of six laboratories, one franchised laboratory and 40 service centres across the province.

For Michel Langelier, President of Langelier Orthèses Chaussures, the transaction ensures a healthy future for the family business. “It’s an important page that’s being turned in Langelier’s history. We are pleased it will continue to evolve in a growth environment, offering our network a promising future and allowing our personnel to diversify its areas of expertise with new practices and technologies.”

The president and CEO of Ergoresearch, Mr Sylvain Boucher, said he was pleased with the outcome of this transaction. “Langelier ranks second in the Quebec foot orthotics industry. This strategic acquisition will permit us to consolidate the Ergoresearch offer, gain a presence on a number of geographic markets until now unexplored, broaden our distribution network and reinforce our position as Quebec’s leader. It will also constitute a showcase for our proprietary technologies and products, namely for our new OdrA orthotic device, a revolutionary knee osteoarthritis treatment”.

Ergoresearch is self-financing this transaction. Since it intends to eventually refinance the acquisition through a bank loan, management is currently evaluating different financing models.

Shares of Langelier Orthèses Chaussures were acquired at a distance, in an arm’s length transaction through its subsidiary, Ergorecherche Inc., 100% of which is owned by Ergoresearch Ltd. The purchase price amounted to $4.6M and is paid out as follows:

$3,188,762 in cash, on closing;
$811,238 by the assumption of the existing long-term debt of Langelier Orthèses Chaussures;
$600,000 in the form of a promissory note to the sellers, to be paid out over three years at an annual interest rate of 3.75%.

The purchase price is subject to adjustment according to the total working capital available on January 1 2013, the date on which the transaction took effect. It is said to amount to $730,000 as will be reported in the consolidated audited financial statement of Langelier Ortheses Chaussures.

No finder’s fee was incurred to conclude the transaction.

According to Langelier Orthèses Chaussures’ unaudited financial statements for the year ended December 31 2011, the firm recorded $6,241,852 in revenues. Revenues for the eleven-month interim period ended November 30 2012 total $5,928,736, a 3.6% increase compared to the previous year.

Consolidated net profit for the eleven-month period ended November 30 2012 was $14,802 compared to $223,291 for the twelve-month period ended December 31 2011. Ergoresearch Ltd will not, in the future, be required to assume certain non-recurring expenses paid out during the fiscal year ended 2012. These non-recurring expenses amount to $310,000.

Total consolidated assets for the eleven-month period ended November 30 2012 were $3,299,285 compared to $2,982,088 for the twelve-month period ended December 31 2011.

Total consolidated liability for the eleven-month period ended November 30 2012 rose to $1,593,970 compared to $1,291,573 for the twelve-month period ended December 31 2011.

Shareholders’ equity for the eleven-month period ended November 30 2012 was $1,705,315 compared to $1,690,515 for the twelve-month period ended December 31 2011.

This transaction is conditional to approval by the TSX Venture Exchange.

About Ergoresearch
Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du pied Équilibre and Orthoconcept banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSXV) under the symbol ERG.

About Langelier Orthèses Chaussures
Langelier Orthèses Chaussures is a family business whose mission is to improve the physical condition of its patients through its expertise and technology. Ranked among Québec’s leading foot orthotics providers, it offers a full range of products and services while focusing on its specialty, foot wellness. The know-how and skills of Langelier Orthèses Chaussures’ 80 or so employees − 20 of whom are certified orthotists devoted to the health of their patients – are available through its network comprised of six laboratories, one franchised laboratory and 40 service centres across the province.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.

All figures are in Canadian dollars, unless otherwise specified.

– 30 –

Source:
Sylvain Boucher, President and CEO − Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Information:
Isabelle Vallée, Director − Communications and Public Relations, Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / Cell: 514-377-0485 / ivallee@ergoresearch.com

Michel Langelier, President − Langelier Orthèses Chaussures
Tel.: 450-467-0762 / mlangelier@langelierpieds.com

ERGORESEARCH REPORTS 23rd CONSECUTIVE PROFITABLE QUARTER

Posted on: 30 November 2012 in What's New

Strong results for Ergoreseach Ltd in the first quarter of fiscal 2013

Highlights:

18.7% increase in earnings from operations (EFOs);
22% increase in operating income;
EBITDA[1] increased by 16.9% to reach $426,625 or 19.7% of sales;
Cash flows generated from operating activities rose by 81.7% to $256,504;
Cash on hand and temporary investments amounted to $2,597,321 as of September 30 2012.

Ergoresearch Ltd (TSXV: ERG), while actively pursuing a growth strategy based on innovation and corporate acquisitions, is pleased to announce an increase in sales and profitability for the first quarter of the 2013 fiscal year. Sales have increased by 18.7% to $2,167,916, compared to $1,826,393 for the same quarter last year. Earnings before income taxes increased by 21.1% to $312,224 compared to $257,734 last year.

“The present financial results reflect the efficacy of our business plan and the strong abilities of our executive team,” states Ergoresearch President and CEO, Sylvain Boucher. “Beyond solid growth in revenues and profits for this quarter, the launch of the OdrA Distraction−Rotation Orthotic Device on September 25 2012 remains the chief highlight in the first quarter. This new generation of orthotic device has the potential to revolutionize knee osteoarthritis treatment by relieving pain like no other treatment method other than knee replacement surgery. This innovation is patented and exclusively distributed across Canada by the Clinique du pied Équilibreand Orthoconceptlaboratory networks, two subsidiaries of the Ergoresearch Ltd group,” added Mr Boucher. “The healthcare sector is in full expansion and joint problems associated with an aging population present countless business opportunities. Ergoresearch is positioned to take advantage of just such opportunities,” he concluded.

About Ergoresearch
Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du pied Équilibreand Orthoconcept banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSX-V) under the TSXV Symbol: ERG.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

– 30 –

Sources – Information:
Sylvain Boucher, President and CEO – Ergoresearch Ltd Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Isabelle Vallée, Director of Communications and Public Relations – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / ivallee@ergoresearch.com

[1] We refer the reader to the notes in the section entitled “Selected Consolidated Financial Information” of the Management Report for quarter ended September 30 2012 for the definition of EBITDA.

ERGORESEARCH ANNOUNCES ACQUISITION OF LABORATOIRE PODOTECH INC.

Posted on: 27 November 2012 in What's New

Management at Ergoresearch Ltd (TSXV: ERG) is pleased to announce it has acquired all issued and outstanding shares for Laboratoire Podotech Inc. (Podotech), a firm headquartered in Laval (Quebec).

Founded in 2006 by Mr Michel Bergeron and Mr Luc Savard, two professors of orthotics and orthopedic prosthesis techniques at Collège Montmorency in Laval, Podotech is a Quebec firm offering specialized assessment and manufacturing services for custom-fit foot orthotics as well as custom made shoe and “comfort” shoe sales in the Laval and Lower Laurentian regions. “We are proud to join the Ergoresearch team, the Quebec leader in the field of orthopedics. The group’s excellence will serve our patients’ greater wellness,” stated Michel Bergeron.

Podotech shares were acquired through an Ergoresearch subsidiary, Orthoconcept (2008) inc., 51% of which is owned by Ergorecherche Inc.

The purchase price amounted to $330,000, and is paid out as follows:

$239,826.84 in cash, on closing;
$30,173.16 by the assumption of existing long-term debt;
$60,000 in the form of a promissory note to the sellers, to be paid out over three years at an annual interest rate of 3.75%.

The purchase price is subject to adjustment according to the total working capital available on October 1 2012, date at which the transaction takes effect. The working capital is stated to be $49,500.

According to Podotech’s unaudited financial statements for the year ended May 31 2012, the firm recorded $384,251 in revenues. Also, unaudited financial statements for the four-month interim period ending September 30 2012 show $156,829.32 in revenues, an increase compared to the preceding year. Average earnings before interest, taxes, depreciation and amortization (EBITDA) over the past three fiscal years amount to $80,115.

Ergoresearch Ltd is self-financing this acquisition; no shares have been issued and no debt incurred to cover this transaction.

“Beyond this acquisition, one that heightens our presence across the Laval and Lower-Laurentian territories, we have the privilege of welcoming high-calibre clinicians who will contribute to the future successes of our group. Michel Bergeron, Podotech’s founding shareholder, will be joining the Ergoresearch research and development team,” declared Sylvain Boucher, President and CEO of Ergoresearch.

About Ergoresearch
Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du pied Équilibreand Orthoconcept banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSX-V) under the TSX-V Symbol: ERG.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

– 30 –

Sources – Information:
Sylvain Boucher, President and CEO – Ergoresearch Ltd Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Isabelle Vallée, Director of Communications and Public Relations – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / ivallee@ergoresearch.com

Sylvain Boucher interviewed on The Swing Trading Show

Posted on: 15 November 2012 in What's New

On October 15, Sylvain Boucher, President and CEO of Ergoresearch, appeared on The Swing Trading Show, a daily webcast on investment portfolios. Click here for interview and details about Ergoresearch.

ERGORESEARCH RANKS 307 FASTEST GROWING COMPANY IN NORTH AMERICA ON DELOITTE’S 2012 TECHNOLOGY FAST 500

Posted on: 14 November 2012 in What's New

Ergoresearch Ltd (TSX-V: ERG) is again confirming its status as Quebec’s leading developer and manufacturer of “intelligent” foot orthotics and specialty orthotics, by securing a 307^th spot on Deloitte’s Technology Fast 500^TM, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is based on percentage fiscal year revenue growth from 2007 to 2011 – Ergoresearch grew 248% during that period.

“Each day, our mission is to improve the quality of life of our patients by combining our most recent proprietary technology with our team’s savoir-faire,” affirmed Sylvain Boucher, President and CEO of Ergoresearch. “This recognition not only testifies to the success of our business model which is based on innovation and corporate acquisitions, but also to the commitment and excellence of the professionals at each and every one of our satellite clinics, all across Québec, working under the Clinique du pied Équilibre and Orthoconcept banners,” he specified.

The 2012 Technology Fast 500^TM winners are true leaders who leverage their entrepreneurship and technological innovation to achieve strong growth, said Richard Lee, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Their commitment and leadership continue to transform the technology sector.”

About Deloitte’s 2012 Technology Fast 500^TMTechnology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property of technology that is sold to customer in products that contribute to a majority of the company’s operation revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.

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Sources – Information:
Sylvain Boucher, President and CEO – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Isabelle Vallée, Director of Communications and Public Relations – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / ivallee@ergoresearch.com

2012 MANAGEMENT REPORT

Posted on: 26 October 2012 in What's New

For Immediate Release

Results for the fourth quarter and the 2012 fiscal year ended June 30 2012

ACCELERATED GROWTH IN TERMS OF SALES AND PROFITABILITY AT ERGORESEARCH LTD

Salient points:

For the term ended, sales increased by 14.1%, reaching $8,231,134 compared to $7,215,993 in 2011;
The firm’s net profit this year was $621,093, a 63.7% increase compared to $379,441 for the term ended June 30 2011;
Cash flows generated from operating activities have known a 33.7% increase to $1,208,840, compared to $904,118 in 2011;
EBITDA is $1,341,775 this year, a 28.4% increase compared to $1,045,293 for the term ended June 30 2011.

Laval, October 26 2012 – Ergoresearch Ltd (″Ergoresearch″ or ″the Company″ or ″the Firm″) is pursuing a growth strategy plan based on innovation and acquisitions. With this strategy, the Company is poised for accelerated growth in terms of sales and profitability. The year ending in 2012 will therefore have been the best in its history.

“The present financial results reflect the efficacy of its business plan and the strong abilities of its executive team” says Ergoresearch President and CEO Sylvain Boucher. “Fourth quarter sales in 2012 increased by 22%, triggering an annual increase in sales of 14.1% compared to 2011, record profits of 63.7% and a 28.4% increase of its EBITDA. Ergoresearch’s revenues reached an historic peak in 2012, surpassing the $8M mark and soaring to $8.2M,” he specifies.

Company administrators are pleased with these results but their goals are set higher still, with Ergoresearch now positioned at its growth inflection point. In fact, with the fine-tuning of its Expert-Fit™proprietary technologies and the September 2012 launch of OdrA – a revolutionary world-patented product that relieves pain linked to knee osteoarthritis – the Company now possesses an economic engine that will allow it to reach the highest summits. “The current healthcare boom and joint problems associated with aging populations will serve to accelerate countless business opportunities. Ergoresearch is perfectly positioned to exploit such opportunities” adds Mr Boucher.

A retrospective of years past
In terms of past management mandates, Ergoresearch sales have enjoyed an important increase. Between 2005 and 2011, the Company saw a 722% sales growth, confirming its status as the Quebec leader in the manufacturing of custom-fit “intelligent” foot orthotics and specialty orthotics.

In June 2012, Ergoresearch appeared for a second consecutive year on the prestigious roster of PROFIT 200 Canada’s Fastest-Growing Companies, as one of the country’s most successful 5-year performers. Three months later, its president and CEO was selected as a finalist for the Ernst & Young Entrepreneur Of The Year Awards, with winners to be announced in November 2012. This worldwide initiative rewards entrepreneurs who are innovative and ensure sustainable growth and job creation. The selection of finalists is based on their vision, their leadership, their corporate spirit and the prosperity of their firm.

Projects completed in 2012:

Complete website overhaul at www.ergoresearch.com;
Corporate financing of $750,000 through a bank loan to back the Company’s new growth plan;
Opening of a new Clinique du pied Équilibre and three satellite offices in the Mauricie region;
Development and pursuit of eight research projects aiming to optimize current technologies and further advance knowledge and solutions, both in the field of foot orthotics as well as for patients suffering from knee osteoarthritis;
$55,250 grant awarded by the National Research Council of Canada (NRCC) as part of an Industrial Research Assistance Program (IRAP) towards the creation of a new generation of podo-barometric sensor pad;
- The project was completed in October 2012 and allowed to quadruple the resolution of sensor pads and significantly increase signal acquisition speed;
- The Expert-Fit™ system, now the first bi-modal imprint system, integrates scanner images with foot pressure points.
Participation in the creation of Ergorecherche France, the first tier in Ergoresearch’s international development plan. A firm order for 15 Expert-Fit™ systems has already been secured and delivered;
Patients welcomed to the Living Lab, the first centre of its kind in Canada for excellence in assessing and dispensing the very latest knee OA treatments.

Subsequent events:

Signing of a Canadian distribution agreement with Proteor, France’s leading orthopedics provider, for the purchase and exclusive distribution of world-patented components;
Launch of OdrA, a new generation of orthotic device that revolutionizes the treatment of knee OA;
Deployment of the www.odra.ca website, backed by an advertising campaign and press relations actions in support of the launch;
Development of a certification program for orthotists working with knee osteoarthritis.

The firm is pursuing a number of projects in 2013:

Organic growth of its distribution network under the Clinique du pied Équilibre banner;
Execution of its business acquisition plan across Canada;
Continuation of the development, adaptation and implementation of Enterprise Resource Planning software (ERP) specially adapted to the medical field that will allow a migration of current management systems towards a new platform equipped with new functions and capacities.

Ergoresearch administrators are looking ahead with enthusiasm at the years to come. “The engineering of the economic engine that we have devised and set up, the firm’s financial wealth, the vitality of our business model and the firm’s assorted projects are a testimonial to the dynamism of Ergoresearch and its subsidiaries. Accomplishing the business plan and creating value for our shareholders are more than ever at the core of our actions, and will allow us to reach new heights in years to come,” says Sylvain Boucher, President and CEO.

About Ergoresearch
Ergoresearch has developed Quebec’s leading network of orthotics clinics, with over 60 corporate and satellite centres under the Clinique du pied Équilibreand Orthoconcept banners. The leading manufacturer of “intelligent” foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world-patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the Toronto Stock Exchange (TSX-V) under the TSX-V Symbol: ERG.

Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

All amounts in Canadian dollars unless otherwise stated.

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Sources – Information:
Sylvain Boucher, President and CEO – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 213 / sboucher@ergoresearch.com

Isabelle Vallée, Director of Communications and Public Relations – Ergoresearch Ltd
Tel.: 450-973-6700, ext. 233 / 514-377-0485 / ivallee@ergoresearch.com